When you trade in the forex field, you can make use of different types of resources. One of those portals that I’ve been using for too long now has to be Octa FX. When I was going through the details of the Octa FX, I realized that the kind of range it offers is incredible to say the least.
Next, I will analyze the details of what this platform offers and if it is suitable or not to make the right investment.
Use a micro account
I started with its micro account feature because it is suitable for those who are just starting out in the field of commerce. If you want to test your skills in the trading system, this is one of the best ways to get started and try your luck and experience.
If you are looking to know the benefits of having a micro account, here are the points with which you should be familiar.
• No need to make a large initial investment, as the minimum initial deposit is only $ 5.
• Even the floating margin you get starts from 0.2 pips.
• The minimum volume that you will get when making an investment in the site is 0.01 lot.
• The leverage you can get is up to 1: 500.
• You don’t have to worry about requote problems.
• You can also make use of expert advisors and scalping.
Now that you know these key benefits, you can simply open your micro account and enjoy the accolades it will bring you. Without a doubt, you should be a little careful because if you are reckless; You may end up losing your hard-earned money.
Can you have an ECN account?
When I started trading for a long time and had considerable knowledge and information about it, I wanted to move to a better account and that’s when I opted for an ECN account. I took advantage of a lot of features with this ECN account and it helped me execute the different offers on the market in less than a few seconds. The trading conditions offered by this ECN account are great and once again I will acquire it with the main benefits it will bring.
• You can execute the order in less than 0.1 seconds and that is why you will not have to waste your time as the execution speed is extremely fast.
• Also, there are no requotes problems.
• The execution order for this form of account is less than one second.
• The minimum deposit amount is slightly higher as it is 50 USD. If you are not willing to make a large initial investment, this point could be a bit of a problem because the initial investment is a bit higher.
• When you have an ECN account, you will be able to get access to real interbank liquidity and you will be able to enjoy currency trading and also in the real interbank field.
• You have 28 different currency pairs along with gold and silver that you can trade with.
• The stop level is quite good at 15%
• The margin call level you can get is 25%
• You also have the option of 5-digit quotes.
So if you are an advanced trader and have been in the forex and brokerage field for quite some time, the ECN account seems to be a much better option for you.
Commissions and spreads
When you choose such a forex platform, you should also check the commissions and spreads because they are a critical part of how you are trading and the profits you make from it. With Octa FX broker, you will get some of the best services and you will not have any complaints. The different spreads that Octa FX offers are floating and regardless of the type of trading account you are using, they start from 0.2 pips.
Are the services reliable?
When choosing a forex-based service, one of the important points to determine has to be the reliability of the service. In order to offer a reliable service, they have incorporated these features that I found really useful.
Separate your accounts
In accordance with international rules and regulations, Octa FX makes sure to keep the corporate fund and the client’s trading fund separate. This is a key feature that is of great importance.
When looking to invest in forex, you will have to make payments. It is extremely important to ensure that the site has SSL encryption because it will ensure that payments are secure and that your bank details are not stolen. We are all aware of the scope of cybercrimes that are occurring and if a forex platform does not have SSL encryption, I will never make a payment on those sites. Fortunately, Octa Fx broker comes equipped with the best security standards and its SSL encryption feature is impressive.
The right kind of verification
To open an account at Octa Fx, you must go through a rigorous verification process. In my opinion, having such an account verification procedure is important because it is the only way to keep spam and fake accounts at bay.
With the strict verification process, it is easier to have reliable accounts. When it comes to withdrawing money from your account, the security on offer is pretty perfect. You will receive an email that you must comply with to withdraw funds and I am personally very happy with this arrangement.
The negative points
As such, there are no serious concerns with using the Octa FX broker. I have worked with many different platforms and have also come across some good ones. While some of them offer excellent services, their initial investment and even the cost they charge tend to be extremely high. On the other hand, Octa FX broker is one of those platforms that offers you the best of both worlds. You will be able to get good services and also at the right cost.
A major problem with this portal is the absence of automated trading. There is no such provision and those who love to opt for automated trading may have to look for other platforms that might be of help. Even if you are looking to place OCO orders and prefer them, you will not find any such arrangement on this portal. These are two major issues, but otherwise the Octa FX broker, while new to the field, is slowly becoming one of the best options you can ask for.
Even if you are looking to get charting or trading signal packages to understand currency details and other factors, you will not get these services at Octa FX. You will have to make sure to keep an eye on these details yourself. While this may seem like a shortcoming to those who rely heavily on these charts, there are other alternatives that may be helpful to you.
The final verdict
If we are going to measure the final verdict of this platform, I will definitely recommend it for use due to the multiple benefits it can bring.
If you are interested in the forex field, you will need the right kind of platform that can best help you. When you choose Octa FX, you can get some of the best features. There are many options at hand and you can choose the type of account that you see fit.
With the right account type and the best support, you will have the best chance to get the most out of Forex trading. Explore the different details and then choose the appropriate accounting method. In the times when I have used the Octa FX broker platform, I have been very pleased with what this platform had to offer.
With these main features, I managed to earn a significant amount of money in the field of forex. Another positive point of this platform has to be the fact that the customer service offered by this platform is impeccable and tremendously impressive. If you have any difficulties using this platform, you can always turn to the customer support team as they will definitely help you in more ways than one.
I am definitely impressed by what this platform has to offer and will recommend it not only to beginners who are new to Forex, but even seasoned experts looking to succeed in the Forex field. There are too many good points it has to offer.